When parties wish to change the terms of the executed Loan Agreement, they can use this Loan Agreement Modification. The document formulates the terms of an agreement for the Lender to loan money to the Borrower. Within this document, parties can change the terms of their original contract. That means that the parties are given the opportunity to make the terms way more amenable that the Borrower could continue to make payments without defaulting on the Loan.
You fill out a form. The document is created before your eyes as you respond to the questions.
At the end, you receive it in Word and PDF formats. You can modify it and reuse it.
In the document, you can make these changes:
The person filling the document can also draft other modifications themselves. Both parties should sign a completed document before a notary public and then have the document notarized. We recommend keeping copies in case any future disputes arise.
In the US, Article III of the Uniform Commercial Code (the "UCC") governs Loan Agreements.